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Happy chuan, Aria Indonesia's Bakrie Sumatra sharply lower after company cuts rights issue price JAKARTA (Thomson Financial) - Shares in Indonesian palm oil company PT Bakrie Sumatra Plantations were sharply lower in midmorning trade Monday after investors negatively reacted to a cut in the price of its proposed rights issue. At 10:50 am, Bakrie Sumatra was down 110 rupiah or 7.3 percent at 1,390. Bakrie Sumatra will seek shareholder approval of the rights issue plan on Wednesday. In a revised proposal, Bakrie Sumatra said it has lowered the price of its planned rights issue to 1,100 rupiah per share from 1,600 rupiah previously although it kept its proceeds target at 1.6 trillion rupiah. Under the terms of the new plan, every eight existing shares will be entitled to subscribe for five new shares. Under the old plan, every seven existing shares would entitle the shareholder rights to subscribe for three new shares. "The price cut hurt market sentiment. The decision was made probably because of recent share price falls," Sinarmas Sekuritas analyst Samuel Sudeswanto Yeung said. Another analyst with a local brokerage said the price cut showed a lack of support for the share price ahead of the proposed rights issue. Bakrie has said it will use 66.4 percent of the proceeds to finance the acquisition of a 100-percent stake in palm oil company PT Grahadura Leidongprima. It will use the rest of proceeds to buy fresh palm fruits and rubber. Grahadura, based in Medan in the province of North Sumatra, owns 8,323 hectares planted to oil palms. (1 US dollar = 9,405 rupiah) [EMAIL PROTECTED] alo/zr ab/zr MMMM TXU97-27Aug07 04:04 GMT
